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Chapter 4 Internal Control. Bus 319 Accounting I nformation Systems. Megan. What is the Foreign Corrupt Practice Act of 1977. Foreign Corrupt Practice Act of 1977.

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chapter 4 internal control

Chapter 4Internal Control

Bus 319

Accounting Information Systems

megan
Megan

What is the Foreign Corrupt Practice Act of 1977

foreign corrupt practice act of 1977
Foreign Corrupt Practice Act of 1977

A process designed by, or under the supervision of, the issuer’s principal executive and principal financial officers, … , to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and includes those policies and procedures that:

foreign corrupt practice act of 19771
Foreign Corrupt Practice Act of 1977
  • Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the issuer;
  • Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the issuer are being made only in accordance with authorizations of management and directors of the registrant; and
  • Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the issuer’s assets that could have a material effect on the financial statements.
jen c
Jen C

What is the Sarbanes-Oxley Act of 2002

what is the sarbanes oxley act of 2002
What is the Sarbanes-Oxley Act of 2002
  • Management must:
    • assess and test the effectiveness of the internal controls
    • report their findings on the effectiveness of the internal controls
  • The independent auditor must:
    • assess and test the effectiveness of the internal controls
    • report their findings on the effectiveness of the internal controls
matt s
Matt S

What are the four primary components of Brown’s taxonomy of risk

brown s taxonomy of risk
Brown’s Taxonomy of Risk
  • Financial Risk
  • Operational Risk
  • Strategic Risk
  • Hazard Risk
preston
Preston

Can you name the three elements of

Financial Risk

brown s taxonomy of risk financial risk
Brown’s Taxonomy of Risk – Financial Risk
  • Financial Risk
    • Market risk
    • Credit risk
    • Liquidity risk
vincent
Vincent

Can you name the two elements of

Operational Risk

brown s taxonomy of risk operational risk
Brown’s Taxonomy of Risk – Operational Risk
  • Operational Risk
    • Systems risk
    • Human error
yannine
Yannine

Can you name the two elements of

Strategic Risk

brown s taxonomy of risk strategic risk
Brown’s Taxonomy of Risk – Strategic Risk
  • Strategic Risk
    • Legal and regulatory risk
    • Business strategy risk
erika
Erika

Can you name the element of

Hazard Risk

brown s taxonomy of risk hazard risk
Brown’s Taxonomy of Risk – Hazard Risk
  • Hazard Risk
    • Directors’ and Officers’ liability
allie
Allie

Can you name the five components of

the COSO internal control framework

coso internal control framework
COSO Internal Control Framework
  • Control environment
  • Risk Assessment
  • Control Activities
  • Information & communications
  • Monitoring
wesley
Wesley

Can you name the five

Control Activities

control activities
Control Activities
  • Insurance and bonding
  • Internal audit
  • Limit checks
  • Lockbox systems
  • Physical security
  • Preformatted data screens
  • Prenumbered documents
  • restrictive endorsement
  • Daily deposit of checks
  • Segregation of duties
  • Training
  • Adequate documentation
  • Background checks
  • Backup computer files
  • Backup power supplies
  • Bank reconciliation
  • Batch control totals
  • Data encryption
  • Document matching
  • Edit checks
  • Firewalls
victoria
Victoria

Can you name the eight components of

Enterprise Risk Management framework

enterprise risk management framework
Enterprise Risk Management Framework
  • InternalControl environment
  • Objective Setting
  • Event Identification
  • Risk Assessment
  • Risk Response
  • Control Activities
  • Information & communications
  • Monitoring